FX.co ★ Elliott wave analysis of EUR/JPY for April 7 - 2015

Technical summary:

We are still looking for resistance at 131.74 to protect the upside for the final decline towards the 38.2% corrective target at 125.98 to end wave C of the expanded flat correction, that has been dominating the picture since late December 2013. If however resistance at 131.74 is broken the odds swings in favor of a long term bottom being in place already at 126.87 and a new impulsive rally unfolding already.

Trading recommendation:

Our stop at 129.50 was taken out for a small profit. As wave (v) of C is well advanced we will stay neutral for now.